April 16, 2020
Petco is the grocery store, the pharmacy and, in many cases, the doctor’s office for beloved pets. We’re grateful that our stores have been universally recognized as essential and we’ve proudly remained open to serve and take care of pets and their families during this unimaginable challenge. Since the outset of the pandemic, our top priority has been protecting the health, safety and overall well-being of our own employees, as well as people and pets in the communities we serve. In light of current business dynamics, this week, we made some difficult decisions and temporary changes to our workforce. None of these decisions were made lightly, and all of them are intended to minimize financial impact to individuals by positioning impacted employees to leverage the Federal CARES Act exactly as it was intended. Our aim with these changes is to keep our most valuable resource – our people – attached to our company and financially supported while protecting the long-term financial health and viability of our business. To that end, effective April 27, our CEO Ron Coughlin will forgo 100% of his salary, while SVPs and VPs will take 25% and 15% cuts, respectively. All other Petco partners will either receive temporary reduced hours, salary reductions, extended or rotating furloughs. Earlier this week we also made the difficult decision to eliminate 35 corporate office positions, which represents less than 1% of our overall workforce of approximately 27,000.